0000040545-15-000010.txt : 20150123 0000040545-15-000010.hdr.sgml : 20150123 20150123100751 ACCESSION NUMBER: 0000040545-15-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150123 DATE AS OF CHANGE: 20150123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL ELECTRIC CAPITAL CORP CENTRAL INDEX KEY: 0000040554 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 131500700 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06461 FILM NUMBER: 15543798 BUSINESS ADDRESS: STREET 1: 901 MAIN AVENUE CITY: NORWALK STATE: CT ZIP: 06851-1168 BUSINESS PHONE: 203-840-6300 MAIL ADDRESS: STREET 1: 901 MAIN AVENUE CITY: NORWALK STATE: CT ZIP: 06851-1168 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL ELECTRIC CREDIT CORP DATE OF NAME CHANGE: 19871216 8-K 1 gecc8k4q14doc.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported) January 23, 2015
 
 
General Electric Capital Corporation
 
 
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
01-06461
 
13-1500700
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
   
 
   
901 Main Avenue, Norwalk, Connecticut
     
06851-1168
(Address of principal executive offices)
     
(Zip Code)
   
 
   
Registrant's telephone number, including area code   (203) 840-6300
 
 
Not applicable
 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
Item 8.01 Other Events.
On January 23, 2015, our parent, General Electric Company (GE), issued a press release setting forth GE's fourth-quarter 2014 earnings. Attached hereto as Exhibit 99 and hereby incorporated by reference is a schedule of selected financial information related to the results of operation for the three and twelve months ended December 31, 2014 and financial position at December 31, 2014 of General Electric Capital Corporation.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is being furnished as part of this report:
Exhibit Description
Exhibit 99 Selected financial information of General Electric Capital Corporation
   
   


 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
General Electric Capital Corporation
 
   
(Registrant)
 
       
Date: January 23, 2015
 
/s/ Walter Ielusic
 
   
Walter Ielusic
 
   
Senior Vice President and Controller
 


EX-99 2 gecc8k4q14ex99.htm

                                 
                                 
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
CONDENSED STATEMENT OF EARNINGS
(unaudited)
                               
   
Three months ended December 31
 
Twelve months ended December 31
(Dollars in millions)
   
2014
   
2013
 
V%
   
2014
   
2013
 
V%
                                 
Revenues
                               
Revenues from services
 
$
 11,480
 
$
 11,041
     
$
 42,604
 
$
 43,941
   
Sales of goods
   
 32
   
 36
       
 121
   
 126
   
   Total revenues
   
 11,512
   
 11,077
 
4%
   
 42,725
   
 44,067
 
(3)%
                                 
Costs and expenses
                               
Costs of sales, operating and administrative expense
   
 5,458
   
 5,178
       
 20,016
   
 19,884
   
Interest
   
 2,072
   
 2,273
       
 8,397
   
 9,267
   
Investment contracts, insurance losses and insurance
                               
  annuity benefits
   
 637
   
 648
       
 2,678
   
 2,779
   
Provision for losses on financing receivables
   
 1,098
   
 1,562
       
 3,993
   
 4,818
   
   Total costs and expenses
   
 9,265
   
 9,661
 
(4)%
   
 35,084
   
 36,748
 
(5)%
                                 
Earnings from continuing operations before
                               
   income taxes
   
 2,247
   
 1,416
 
59%
   
 7,641
   
 7,319
 
4%
Benefit (provision) for income taxes
   
 (109)
   
 1,092
       
 (138)
   
 992
   
                                 
Earnings from continuing operations
   
 2,138
   
 2,508
 
(15)%
   
 7,503
   
 8,311
 
(10)%
Earnings (loss) from discontinued operations, net of taxes
   
 (140)
   
 (1,720)
       
 (107)
   
 (2,054)
   
                                 
Net earnings
   
 1,998
   
 788
 
F
   
 7,396
   
 6,257
 
18%
Less net earnings (loss) attributable to
                               
   noncontrolling interests
   
 86
   
 15
       
 162
   
 53
   
Net earnings attributable to GECC
   
 1,912
   
 773
 
F
   
 7,234
   
 6,204
 
17%
Preferred stock dividends declared
   
 (161)
   
 (163)
       
 (322)
   
 (298)
   
Net earnings attributable to
                               
   GECC common shareowner
 
$
 1,751
 
$
 610
 
F
 
$
 6,912
 
$
 5,906
 
17%
                                 
Amounts attributable to GECC common shareowner:
                               
Earnings from continuing operations
 
$
 2,138
 
$
 2,508
 
(15)%
 
$
 7,503
 
$
 8,311
 
(10)%
Less net earnings (loss) attributable to
                               
   noncontrolling interests
   
 86
   
 15
       
 162
   
 53
   
Earnings from continuing operations attributable to GECC
   
 2,052
   
 2,493
 
(18)%
   
 7,341
   
 8,258
 
(11)%
Preferred stock dividends declared
   
 (161)
   
 (163)
       
 (322)
   
 (298)
   
Earnings from continuing operations attributable to GECC
                               
  common shareowner
   
 1,891
   
 2,330
 
(19)%
   
 7,019
   
 7,960
 
(12)%
Earnings (loss) from discontinued operations, net of taxes
   
 (140)
   
 (1,720)
       
 (107)
   
 (2,054)
   
Net earnings attributable to GECC
                               
   common shareowner
 
$
 1,751
 
$
 610
 
F
 
$
 6,912
 
$
 5,906
 
17%
                                   
 

                                   
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
   
SUMMARY OF OPERATING SEGMENTS
   
(unaudited)
                                 
 
Three months ended December 31
 
Twelve months ended December 31
   
(Dollars in millions)
2014
 
2013
 
V%
 
2014
 
2013
 
V%
   
                                   
Revenues
                                 
Commercial Lending and Leasing (CLL)
$
 3,756
 
$
 3,225
 
16%
 
$
 14,630
 
$
 14,316
 
2%
   
Consumer
 
 4,201
   
 4,583
 
(8)%
   
 15,023
   
 15,741
 
(5)%
   
Real Estate
 
 977
   
 697
 
40%
   
 2,969
   
 3,915
 
(24)%
   
Energy Financial Services
 
 577
   
 442
 
31%
   
 1,697
   
 1,526
 
11%
   
GE Capital Aviation Services (GECAS)
 
 1,290
   
 1,373
 
(6)%
   
 5,242
   
 5,346
 
(2)%
   
    Total segment revenues
 
 10,801
   
 10,320
 
5%
   
 39,561
   
 40,844
 
(3)%
   
GECC corporate items and eliminations
 
 711
   
 757
 
(6)%
   
 3,164
   
 3,223
 
(2)%
   
Total revenues
$
 11,512
 
$
 11,077
 
4%
 
$
 42,725
 
$
 44,067
 
(3)%
   
                                   
Segment profit (loss)
                                 
CLL
$
 549
 
$
 263
 
F
 
$
 2,271
 
$
 1,965
 
16%
   
Consumer
 
 1,137
   
 2,057
 
(45)%
   
 3,016
   
 4,319
 
(30)%
   
Real Estate
 
 299
   
 128
 
F
   
 1,002
   
 1,717
 
(42)%
   
Energy Financial Services
 
 111
   
 117
 
(5)%
   
 401
   
 410
 
(2)%
   
GECAS
 
 218
   
 71
 
F
   
 1,046
   
 896
 
17%
   
    Total segment profit
 
 2,314
   
 2,636
 
(12)%
   
 7,736
   
 9,307
 
(17)%
   
GECC corporate items and eliminations
 
 (262)
   
 (143)
 
(83)%
   
 (395)
   
 (1,049)
 
62%
   
Earnings from continuing operations
                                 
    attributable to GECC
 
 2,052
   
 2,493
 
(18)%
   
 7,341
   
 8,258
 
(11)%
   
Preferred stock dividends declared
 
 (161)
   
 (163)
 
1%
   
 (322)
   
 (298)
 
(8)%
   
Earnings from continuing operations attributable
                                 
   to GECC common shareowner
 
 1,891
   
 2,330
 
(19)%
   
 7,019
   
 7,960
 
(12)%
   
Earnings (loss) from discontinued operations,
                                 
    net of taxes
 
 (140)
   
 (1,720)
 
92%
   
 (107)
   
 (2,054)
 
95%
   
Net earnings attributable to GECC
   common shareowner
$
 1,751
 
$
 610
 
F
 
$
 6,912
 
$
 5,906
 
17%
   
 
 
 

GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
 
CONDENSED STATEMENT OF FINANCIAL POSITION
 
(unaudited)
           
             
(Dollars in billions)
December 31, 2014
 
December 31, 2013
 
         
Assets
           
Cash & marketable securities
$
 122.1
 
$
 118.5
 
Inventories
 
 0.1
   
 0.1
 
Financing receivables - net
 
 237.0
   
 253.0
 
Property, plant and equipment - net
 
 49.6
   
 51.6
 
Goodwill & intangible assets - net
 
 26.2
   
 27.3
 
Other assets
 
 60.5
   
 63.9
 
Assets of businesses held for sale
 
 3.5
   
 0.1
 
Assets of discontinued operations
 
 1.2
   
 2.3
 
Total assets
$
 500.2
 
$
 516.8
 
             
Liabilities and equity
           
Borrowings and bank deposits
$
 349.5
 
$
 371.1
 
Investment contracts, insurance liabilities and insurance annuity benefits
 
 28.0
   
 27.0
 
Other liabilities
 
 28.8
   
 31.8
 
Liabilities of businesses held for sale
 
 2.4
   
 -
 
Liabilities of discontinued operations
 
 1.1
   
 3.8
 
GECC shareowners' equity
 
 87.5
   
 82.7
 
Noncontrolling interests(a)
 
 2.9
   
 0.4
 
Total liabilities and equity
$
 500.2
 
$
 516.8
 
             
(a)
Included $2.4 billion related to the Synchrony Financial initial public offering.